Evolve IP Corporate Center in Wayne sells for $42M

20150903_inq_evolve03-a
Evolve IP's Thomas Gravina, whose company has again made Inc. magazine's list of the nation's fastest-growing private companies.

An affiliate of Philadelphia investor Thomas Gravina's GPX Enterprises L.P. has sold the Wayne office park where the company's cloud computing unit, Evolve IP L.L.C., has its headquarters.

GPX Wayne Office Properties L.P. sold the 12-building, 376,300-square-foot Evolve IP Corporate Center office park for $42 million on Feb. 9, according to a deed filed with Chester County.

The buyer was a joint venture between a Philadelphia real estate partnership called PDC-Old Eagle L.L.C. and Long Wharf Real Estate Partners L.L.C. of Boston, according to commercial brokerage Holliday Fenoglio Fowler L.P. HFF arranged the joint-venture partnership and secured the buyers a $29.6 million acquisition loan, it said.

Aside from Evolve IP, tenants at the 41-acre office park include health-care consultants McBee Associates Inc. and insurance firm Administrative Concepts Inc., HFF said. The office park is 80 percent leased.

jadelman@phillynews.com

215-854-2615 @jacobadelman

Real Estate Tools
Looking for a new home? Search Philadelphia real estate »
Browse Recent Home Sales »
Compare Philadelphia mortgage rates »